quiz2

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School

Mount Royal University *

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Course

3269

Subject

Management

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by EarlDangerRedPanda35

Score for this quiz: 35 out of 35 Submitted Jan 20 at 9:26pm This attempt took 16 minutes. Question 1 5 / 5 pts Describe the advantages and limitations of financial models in project selection. Your Answer: The main advantage of financial models are knowing the amount of money needed for the project to continue until the revenues flow starts. Also, in doing the financial models we can get a better understanding of the project and the different factors that could impact different parts of the project. The main disadvantage of financial models are being time-consuming task that would require additional resources and money. Another disadvantage is the inadequacy of the models that can result in an inaccurate value estimations. Question 2 2 / 2 pts A clear and compelling vision will have all the following characteristics EXCEPT: often requires extra effort to achieve. often requires several years to achieve. Correct! provides detailed roadmap for managing a project Correct

helps all stakeholders understand the direction of the organization Question 3 2 / 2 pts This document summarizes why the project is important by describing the benefits of a selected component, and is used as a basis for authorizing further project management activities: Correct! business case Correct SWOT analysis guiding principle program management plan Question 4 2 / 2 pts Which of the following responses most accurately depicts the correct sequence of activities in the strategic planning process? guiding principles - strategic objectives - flow-down objectives - strategic analysis Correct! strategic analysis - guiding principles - strategic objectives - flow-down objectives Correct guiding principles - strategic analysis - strategic objectives - flow-down objectives strategic objectives - strategic analysis - guiding principles - flow-down objectives Question 5

2 / 2 pts Which of the following is NOT a typical source selection criterion that an organization would use to evaluate potential contractors? technical approach references Correct! personalities Correct life cycle cost Question 6 2 / 2 pts Once selected projects have been prioritized, it is time to assign resources to each. Resources could include all of the following EXCEPT: funds Correct! quality metrics Correct equipment subject matter experts Question 7 2 / 2 pts All of the following factors should be assessed to determine an organization's ability to perform projects EXCEPT: Do we have a clearly defined project management process?

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Do we monitor and understand our external environment? Do we have have a teamwork attitude, free and open communication, creativity, and empowered decision making? Correct! Do teams and individuals follow instructions well? Correct Question 8 2 / 2 pts Portfolio management helps an organization achieve its strategic goals in all of the following ways EXCEPT: prioritizing work to be done providing needed resources Correct! managing ongoing projects Correct selecting the right projects Question 9 2 / 2 pts All of the following factors influence the opportunities and threats an organization must consider when performing a strategic analysis EXCEPT: competitors regulatory agencies

Correct! employees Correct suppliers Question 10 2 / 2 pts All of the following may be negotiated between a client company and a contractor EXCEPT: the amount of money to be paid. personnel assignments Correct! selection criteria for scoring models Correct quality standards Question 11 2 / 2 pts Which of the following statements concerning strategic analysis is true? Correct! External analysis focuses on the threats and opportunities facing the organization. Correct External analysis focuses on the strengths and weaknesses of the organization. Strategic analysis focuses exclusively upon external analysis. Internal analysis focuses on the threats and opportunities facing the organization.

Question 12 1 / 1 pts None of the financial project selection models ensure alignment of the project with an organization's strategic goals. Correct! True False Question 13 1 / 1 pts Strategic objectives describe both short- and long-term results that are desired, along with measures to determine their achievement. Correct! True False Question 14 1 / 1 pts The internal part of strategic analysis (elements within the project team's control) consists of asking what opportunities and threats are posed by competitors, suppliers, customers, regulatory agencies, technologies and so on. True Correct! False Question 15 1 / 1 pts A business case is a brief narrative description of products, services, or results to be supplied by the project.

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True Correct! False Question 16 1 / 1 pts Sometimes situations dictate that a project must be chosen regardless of any other considerations such as strategic fit, profitability or probability of success. Correct! True False Question 17 1 / 1 pts Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them. Correct! True False Question 18 1 / 1 pts A project portfolio is a useful storage medium that enables the project manager to consolidate all project information in a single, convenient location. True Correct! False

Question 19 1 / 1 pts The vision statement should present a positive, inspiring and vivid description of the organization as it currently exists. True Correct! False Question 20 1 / 1 pts When a client company decides to engage an external contractor to perform project work, it must be prepared to submit a proposal and prepare a bid. True Correct! False Question 21 1 / 1 pts To accomplish portfolio management, executives need to identify, select, prioritize, resource and govern an appropriate portfolio of projects and other work. Correct! True False Quiz Score: 35 out of 35

quiz2

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